Aluminium Bahrain, which runs an 850,000 metric-ton smelter on the island nation in the Arabian Gulf, said it had a first-half profit of $200m, beating its own forecasts.

The company may exceed internal profit targets this year, it said in an e-mailed statement Sept. 5 without saying what the projected earnings are.

Alba, as the smelter is known, didn’t provide comparison data for the year-earlier period.

Alba, owned by the Bahraini and Saudi Arabian governments, said in June it plans to convert itself into a public joint stock company to add financial flexibility and allow its aluminium smelter to compete in international markets.

The company’s board, including representatives from Bahrain’s sovereign wealth fund and the world’s largest petrochemicals maker Saudi Basic Industries Corp., agreed to distribute $79 million in quarterly profit to shareholders.

The board also discussed the Alba Star project, which targets cost reductions and efficiency measures that will save $250 million annually. (Bloomberg)